New here....MANY questions :)

I set it up last Wed. with 40 lbs of live sand, and about 10 lbs of live rock that had been dried out, but I was told that in a good tank it could come back. Is that true?

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Yes, that is very true. Over time, it will be seeded from your new batch of live rock and become just as alive as the rest.

I've ordered 40 lbs of live rock from online, and it will arrive tomorrow.
Should I use the older rock in my tank as a base, or should I just throw it out, and put in all the new rock?

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Yes, use the old rock as base rock and aquascape on top of the base rock.

I just noticed tonight that all of the sudden I have some rust colored spots on my sand and rocks?? What is it? Should I be concerned?

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That will brown diatom algae being produced, nothing to worry about, all new tanks suffer this and it will pass in time..not a great lot you can do about it..

Also, what temp should my tank be kept at?

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The average temp that a marine should be kept at is about 76-79f

How often should I have my wanter tested, and what do I test for?

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While the cycle is running, its best to test, after the first week, every few days. By doing this, and writing them in a log, you can monitor the tanks progress through the cycle. Once the cycle has completed and the tank is maturing, i suggest once per week testing. If its only a fish only and live rock system ( no corals ) then you need to test for pH, Ammonia, NitrITE and NitrATE..If you intend this to be a reef ( Fish, live rock and Coral ) then you need to be testing for pH, Ammonia, NitrITE and NitrATE, calcium and Alk. these are the basics for testing, of course, there are more if you want to be more indepth..

I have been trying to read all I can online, but I still have sooooo many questions.
Can anyone help me do this the right way?
I would truly appreciate any and all help!
Guess I better not ask anymore question in this post, I don't want to scare you all away...heehee
I look forward to getting to know you all.

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Well, Welcome to AC and the world of marine keeping. We all have many many questions that need asking, and that is what our community is all about..There is many experienced Marine Aquarist here on AC and we will all help you through every step of the way. Ask as many questions as you like, when you like..we are here to help....

Hope this info is some help to you..

Niko

Congrats on your leap into sw!
It sounds like your well on your way to getting going. At this point, nothing seems out of the ordinary... some of the things that happen when a tank is new just have to be allowed to run their course, like your diatom bloom (the rust color).

You're doing the right thing in using the old rock that partially dried out. It is actually helping you with this initial cycling process. The parts that dried out have tiny critters in them that died and are now decaying, providing a natural source of ammonia to jump start the bacteria that are a part of the nitrogen cycle. I'd also like to add that if you don't end up using all the LR you've purchased (50 lbs total in a 24g might leave things a bit conjested, depending on your tastes), please keep it submerged in sw in a bucket or something, as you should easily be able to pass it on to another sw hobbyist (especially in FL). I know it's 'just rock,' but if it's rock that came from the ocean, there's plenty of natural, tiny micro-organisms living in it and it would be a shame for them to go to waste. Any number of other hobbyists would gladly put it to use if it all won't fit in your tank, and you can even get back some of your money on it if you like or trade it for something else you'll need. Besides, the more LR we can keep alive and in use within the hobby, the less that has to be collected from the ocean's reefs.